Every great investor has an investment philosophy. Ours emphasizes global diversification, price, discipline and patience. Global diversification increases our opportunity set thereby enhancing both simple and compound returns. Price is critical, because risk is a function of price. There is no asset that is a good investment at any price and there is almost no investment that is not a good investment at some price. Discipline is critical because no investment philosophy will succeed unless it is consistently applied especially when it feels uncomfortable. Patience is the hallmark of all great investors and allows us to capture a time arbitrage. This approach enables us to custom-design fiduciary-quality, globally-diversified, multi-asset class portfolios built around a team of independent specialist money managers and is the framework behind all of our thinking.